>> consumers have to dip into their savings and that's with saving them in the u.s. >> the consumer is the most important data point here. >> the market has tightened a lot and they've only done one small 25 basis point hike.

>> the fed will have to decide between two policy mistakes. >> this is bloomberg surveillance. jonathan: from a steaming new york city for our audience worldwide, good morning, this is bloomberg surveillance live on tv and radio. futures are negative on the s&p 500. a big day ahead and a big week ahead. tom: up to the jobs report and we get june data out tomorrow. the changes are so abrupt now that day to day today doesn't really matter. i will not fuss about case-shiller but i want to know the pulse right now and in the oval office this morning, that's with the president will ask. jonathan: it's not just in america. the numbers out of germany out of italy and france and spain. the euro zone has an eight

handle. tom: jp morgan has a research piece. gdp of hydrocarbons is about 9% globally. every time you see that oil price tick up, it permeates throughout the system. jonathan: crude oil is $118 in gas prices keep climbing the wrong way for this white house. lisa: people are trying to frame out a six dollar per gallon of gas and we are already seeing that in certain areas. what does this do to the willingness of american consumers to absorb higher prices? the ceos we spoke to an even the business owners i speak to day to day save there is no limit as to what -- as to how they can hike up prices. jonathan: they can't get a read on this economy. they seem this across industries that they are struggling to

gauge where we are in this cycle. we set themselves up for 12 months ago but we are not there anymore. they were clamoring for supply and there may be some places that got too much. lisa: this is why you asked about a good question about the massive price swings after a downside surprise and margin pressures appearing on earnings statements. how much are we seeing them gauge out a more optimistic future? we saw the opposite of that for so many years and we are starting to see ceos unable to get out ahead of how much they will have to pay workers and how much commodity costs will fight their operational expenses. jonathan: can they provide any guidance? tom: absolutely not. stay with us for peter oppenheimer. it goes right to the revenue line to the unit dynamics and the price dynamics in this high

inflation environment and as was mentioned earlier, when was the last time we talked about inventory? we are in a new era which harkens back to an old europe and the president knows that old europe. jonathan: he has a key meeting a little bit later this afternoon. let's get you up to speed with price action is wall street gets back to work. futures are negative 1/3 of 1% on the s&p 500 was that yields are higher by seven or eight basis points. last week, it was president bostick saying we have a pause after the summer and governor wallace having none of it. lisa: looking at the inflation data, we saw mortgage levels, mortgage rates come down last week. yet we continue to see the price

pressure go to the upside and we will get the latest read on that at 9:00 a.m. with housing data. year over year, we have seen a record increase in housing prices despite mortgage rates increasing and the cost creating a prohibitive environment for potential clients. it's a very concerning mix and we will get a read on consumer confidence at 10:00 a.m. how much do we see an ongoing decline in how much the american public has in terms of optimism? 100 -- 1:15 p.m., the president will meet with jay powell and the treasury secretary on inflation. how much can they talk about bringing up the unemployment rate? is this the reality of rate hikes? how do we end up with more

people unemployed in this environment? it seems like the only outcome is how you dovetail that message. jonathan: some have said the lads getting together in the oval office a little bit later. lisa: honestly, i wonder whether this is just a photo op. if it's a photo op, it creates a liability for a federal reserve that's facing off with accusations of being overly political and being behind the ball. tom: truman and martin invented the modern fed in 1951. flash forward to the same inflation worry, vietnam war and lbj and martin pressured and then you go over once and twice, nixon and the rest. this is a reoccurring theme and powell will stand his ground and is working with the president

who is gracious and will let him do that. jonathan: this has made -- this administration has blamed everything under the sun. none of it sticks. you have seen what it says in the polls and that's how people feel about this white house when it comes to this issue. tom: this inflation is entrenched and we saw that this morning. jonathan: the chief global equity strategist at goldman sachs is with us. what happens after you've seen peak inflation? have we seen that and what happens next? >> if you look at the history for markets and you get peak inflation, tend to get recovering risk assets and that starts to alleviate pressures on interest rates. you usually have markets already pricing in an economic downturn. at the point where people think

things are getting less bad, you tend to get a recovery. there are variations around this. inflation peaked in 2001 and markets were still suffering the fallout from the tech bubble and soon that turned into the financial crisis. it's a little bit circumspect about this. i think inflation peaks and it will provide some relief but there is still the ongoing uncertainty about the scale of the slowdown in growth and until we get more evidence that the rate of deterioration, markets should be autonomous. tom: how to corporations and daft? a general statement giving a jump condition move, how do corporations adjust and adapt? >> there are two things that are important. inflation is generating higher

nominal gdp. in a sense, growth is not the problem. the problem is margins and bottom line. companies are making a claim on nominal gdp growth but nominal gdp is actually quite high for the last decade. the qu is how they can cope with higher costs and what that does to margins and earnings. i think the second point to mention his we are in an environment which is different than the one we have seen in the last couple of decades when both commodities and labor were easily available and relatively cheap and that we are in an environment where both commodities become more scarce, more heavily contested and competed for and labor as well. what that will do is encourage more companies to invest in greater efficiency like we saw

in the 1970's. more spending on innovation to become more energy efficient and substituting technology for labor as well. lisa: how does this play into being over eight weight -- overweight in equities which doesn't make sense were bonds of the biggest underperformer? -- where bonds are the biggest underperformer? >> on the 12 month, we are actually overweight so it's important to emphasize that relative to bonds, there is still some reasonable return that could be gotten in equities over 12 months. valuations have come down a lot. you look at most equity markets, they are trading below long-run average valuations which is true across europe and across asia but not true in the u.s.

the u.s. is trading above its long-term valuations but there are attractive valuations coming through. we think earnings will grow with stronger nominal gdp but at a slow rate. the higher inflation and the higher interest rates, you will not see valuation expansion like what investors are used to. taking those things together, we think there are some good opportunities. jonathan: wonderful to catch up and congrats to your tottenham. a tough moment through this morning. this is a tough moment. tom: it's the character of the inflation. there are certain ideas but to me, it really centers on oil and gas and hydrocarbons and how it filters through the system. how do you work that away?

remember transitory? jonathan: remember the drinking game we used to play on this show but we are not talking about it anymore. tom: the tang in europe is not the same. jonathan: i saw that video of you looking disgusted at whatever you were drinking, what was that? tom: i think it's called a kirsch. it's like pears and plums. jonathan: did someone water down your scotch? tom: we don't allow that. jonathan: futures are down on the s&p 500. from new york city, this is bloomberg. ritika: keeping you up-to-date with news from around the world. the european union leaders have paved the way for a package of sanctions to punish russia and present blender pigeon. date -- and president vladimir

putin. they have agreed to cut back by 90% petroleum products. there would be a concession for pipeline crude. president biden will hold a rear oval office meeting today with reserve chair jerome powell and janet yellen will join them to talk about the president's tough economic priority. rising prices are hurting the president with voters month before midterm elections. the number of daily coronavirus cases in china has dropped below 100 for the first time in a while. there tough response may be temporary. beijing and shanghai have suffered huge restrictions. hurricane agatha hit the mexican coast with high wind and heavy rain and it's expected to be the strongest may storm ever in the pacific. it's just below category three.

remnants could cross into the gulf of mexico. global news, 24 hours a day and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™

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>> earnings season continues. bloomberg as fast as with the numbers and analysis. bloomberg, the fastest numbers and analysis you trust. >> i thought the feds posture at last was broadly appropriate and now the question is going to involve carrying through.

i do continue to believe that a soft landing is an unlikely outcome. jonathan: larry summers coming close to a complement for the federal reserve. he finished by saying a soft lying -- landing is unlikely for this fed. tom: i will give them some credit on gdp because nominal gdp masks a stagflation for a large part of the audience. real gdp is under 4% and it's elevated but for huge part of america,, we are stagnating quicker than we thought. jonathan: we are a bit softer this morning on the markets with the nasdaq down not even of

1%1/. 10%. crude is up by almost 3%. tom: it will be interesting. we will do what we do best which is digress. joke matthew and i are trying to get the red sox above 500 and maria todeo has not slept in five days over the stunning win of madrid. then there were terrible protests in paris. i'm not up to speed on this but maria, with john's expertise, this is another example of the fragility of eu confidence when you can't even get protests in paris correct. maria: i'm not sure if i agree. i think it shows rihanna dread is the best team in the world. -- it shows madrid is the best

team in the world. i think it comes down to the greatness of what is the best team in the world. jonathan: only you would go there. tom: does she have a script? did she get the scripts? jonathan: the policing of this final according to many people who were there was absolutely terrible. what went wrong and how big a story in europe is this? maria: if you step away from the world of finance which is difficult but if you talk about what other people talk about, it is probably the biggest story in europe. this is the biggest match we have other than the world cup. it is too big teams, real madrid and winning again for the 14th time in history. no one has ever done that.

it also shows that this was just a terrible organization which was a failure. this goes back to some of the politics, the french blame the english fans saying they had bad behavior. they say it was bad policing. madrid fans say it happened because we won the cup. tom: have you ever seen maria more engaged? lisa: she was pretty engaged when she corrected your pronunciation. this is how we look at people talking and is it a feeling of discontent more broadly of the higher gas prices and higher utility bills and the incredible inflation surge in europe? how much is that you wrote in the willingness to have a ban on oil and gas from russia to

taking a hard line and looking at the quality of life at home? maria: we are at a point in which this war is affecting the consumer. there has been disagreement of the oil and. the european say that if everyone plays by the rules, you're looking at a 90% -- reduction of russian oil imports into the european union which is significant. what happens next? what else can the european union do. the big question is gas. are we now going into this and it was said that we need to take a breather. we have reached the limits of

the short term because we need to assess the second round effect of all of this. tom: no one in america cares about real madrid and liverpool but we care about the meeting in the white house on ukraine. what is the next step? >> it's apparently to take a step back. there was talk about these long-range missiles that president zelenskyy has been asking for for weeks. there was reporting over the weekend that the u.s. was putting together a new weapons package and the president said we will not be sending those multiple launch rocket systems which would allow this standoff and allowed ukraine to lob missiles into russia. that draws the line between what's considered defensive and offense of weaponry. this is a we are drawing much like we did with the mig29's.

they will go back to the drawing board to see what weapons we can send ukraine and we are starting to eliminate some of them. jonathan: thank you so much. did maria tell you the story about how real madrid is the greatest team in the world? tom: i think i missed that. jonathan: they will talk about that on bloomberg radio. tom: she was like boom. should they bring gareth back? he's exciting. jonathan: this is how tk determines whether they are good or bad footballer as to whether they pick the ball from far out. lisa: this is where they use their foot another hand to

project the football. jonathan: he is a tremendous golfer. i wonder whether he thinks about taking that a full-time. maybe to do that instead of playing football. futures this morning, good morning, down about a half of 1%. yields are higher by seven or eight basis points. tom: what is the price of a gallon of gas in capri? jonathan: it's probably pretty expensive. lisa: not in dollars. tom: a gallon of gas in -- in capri is $7.69. ♪

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jonathan: live from new york city, good morning you will on tv and radio. down about 0.5% on the s&p. on the nasdaq, down about 0.1%.

it does not take much of a spark to start a fire in a market that has not seen gains in about two months. last week, all it took was one fed official to come out and say maybe we could have a pause later this summer. you saw some of that in the minutes, confirming your priors. governor waller yesterday gave that when a bit of a backhand. this is what treasury yields look like this morning. two's, tens, and 30's, yields higher by 10 points on the 10 year. , then shouldn't. ton of it. sir win china reopening, that it's an important data point. step through this commodity market get the bt i am brent, i think -- wti and brent, i think it was hartnett the call this a sneaky rally. tom: the persistency is valid, but i will also look at

renminbi. a stronger renminbi, so there is a little bit of movement to watch in em about the china reopening. jonathan: that demand even this commodity market a bit more of a kick. lisa: we don't know how we're bust it will be, but it adds to this feeling that the only reason oil prices have not been even higher is because there's been less liquidity and markets, so people have not been able to put as much down on options and futures trading, which really remarkable to me. jonathan: that's the cross asset price action. let's get you some movers. let's say can morning to romaine. romaine: seven of the top 10 stocks in the s&p 500 are energy stocks, and that is kind of the story this morning. brent crude above $124. wti above $113. exxon mobil about 1% up on the day. a lot of people start to look at

that churn not only with crude oil, but some of the refined products and the price increases we are seeing there. what is good for exxon and occi not necessarily good for the airlines. an attempt last week to stage a little bit of a rally. we should point out american airlines going to in the month down, barring some big reversal later in the day. take a look at what is going on in china. he mentioned that with the reopening there. jd up about 6%. alibaba and the rest of the chinese adrs also getting a bit of a bid. keep an eye on the other companies that have to get exposure into china. movie theater stocks higher with amc entertainment up about 7% off of the good showing from the new tom cruise reboot of "top gun."

that was the biggest theatrical release we have seen so far any monetary basis since the pandemic. after the bell tonight, we will get more earnings. salesforce coming out after the bell. those shares slightly higher in the premarket. tom: thank you so much. now we want to jump to lara rhame, chief economist at fs investments. i think we talked a fair amount about the meeting to be held today. what is different about this inflation versus the inflation of previous times? lara: this inflation is really coming from everywhere, and i think it is so important to stress the food and energy component of this because we are used to seeing volatility at the gas pump, but be really ominous, continue to climb of food prices has given this combined basket inflation of over 70%. that's over 17% to get while cpi

did likely peak in march, food and energy is still climbing, and every household in america needs to buy these two things. it really is making the fed look more disconnected. they are focused on core inflation that looks like it is way behind the curve. tom: we showed earlier the famous photograph of alan greenspan laying on the floor because of his bad back. they are doing couch time, and lara rhame is laying on the floor with her bad back. what do you tell them about the when of inflation coming down if they just do a prescribed fed policy. lara: what i would tell them is they need to frontload these rate hikes as much as possible because we know that there's only so much they are going to be able to impact some of the supply chain disruption factors we've had. energy prices, given that there is such a geopolitical component

to that. i would tell them to frontload and then take a very data-dependent approach come september, come december. i don't think they are going to be able to raise as much as markets have -- as much as markets have priced in. lisa: why are we seeing spending continued to be so robust, despite some of the sentiment reads that have been negative? lisa: we will get ash lara: we will get -- lara: we will get the consumer confidence data today. you're seeing households that are still supported by a healthy job market. that said, the components of spending are clearly shifting. i think we have less spending on durable goods coming forward, less spending on nondurable goods. there's going to be a focus on services over the summer. i think it is the back half of the year that gets very uncertain. that is why i am concerned people are going to have their summer vacation. they have been waiting for it. the kids are clamoring to go to

disney world. but come the fall, with food and energy prices still sticky and high, people at that point really change into savings mode and try to rebuild. lisa: we get the latest read on the labor market this friday. 2021 was notable for the upward revision that changed everybody's viewed erratically -- everybody's viewed dramatically. what kinda of revisions can we expect? what do you see in some of the second and third reads of what we have seen so far this year? lara: the data collection i think is still problematic ring covid, so revisions have been larger. i thing it is just important to remember that the employment data are already a lagging indicator of the business cycle. i think we get another strong employment report. it just takes fed rate hikes quarters to impact the economy,

and we often don't see the unemployment rate keep climbing well after the fed has stopped raising rates come along after it stopped trying to slow the economy down. i think we get another strong payroll report. my canary in the coal mine is always initial claims. to me that would be a really hard sign that company behavior around employees has changed tightly. but we have been resilient in this job market. wave after wave of covid, depend on what is hitting us. employers are holding onto their bodies. tom: i've got to go back to first principles. china reopens. what does the dollar do? lara: i think the dollar continues to strengthen across the majors, and i think it could stay strong against the yuan. the exchange rate is going to be one of the last things that the chinese authorities do to try to right size the fact that they

need to continue to stimulate the economy. we could could need you to see -- we could continue to see more dollar strength against the renminbi. jonathan: thank you. i think the next stop for this one away from payrolls and the u.s. data has got to be the ecb next week and president lagarde. really teeing up this ecb to do something it has not done for a long time, and that is raise interest rates. lisa: nine days away, i think this ecb meeting is going to be one of the most pivotal in its history, especially in light of record inflation and some of the disagreements you are hearing from cb officials not about whether to raise rates, but by how much and whether a 50 basis point rate hike is on the table. jonathan: have we established whether that is euro negative or euro positive? lisa: no. unclear what that means at a time what it has to do with the momentum in the economy, just as much is rate positioning. the ecb is going to remain behind whatever the federal

reserve does. it is just about whether it raises rates to support the economy and create some sort of ceiling for inflation or whether it dampens growth in a way that is going to be harmful. jonathan: with this economic backdrop, what does it mean for this economy, positive or negative? tom: no clue because i think the war over the weekend, this has been underreported, was absolutely brutal. there were drone images somewhere out in the zeitgeist that look something out of world war i. i think the new slow is soaks toward -- the new slow -- the news flow is so extraordinary that lagarde just has to get to the meeting. jonathan: brian deese joining us on this show, just five minutes away tom: he's going to talk to lots of the media today, but we need to ask pointed questions about the history of the fed sitting in the oval office and

what the president is going to do about fed independence. we know for certain president trump would approach this differently. jonathan: a difficult one in many ways. how many times have we said that this morning? what do you make of the objects of this meeting this afternoon but when the president, chair powell, and secretary yellen? lisa: how much is this going to be the a blame game? this is going to be present bite and saying to the fed, get on this -- president biden saying to the fed, get on this. how much does a put pressure on jay powell to go more aggressively or show is independent? because right now there's a credibility issue on both sides getting under control, as well as being independent from political bodies. jonathan: are you still suggesting the fed could that was down to the chairman getting a second term? lisa: i wasn't going there, but i'm sure you would like to. jonathan: i love to the there -- love to go there. unfortunately chairman powell will not sit down with me and have that conversation.

you don't agree, tom? tom: i think the fed is going to do what the fed does, and the president knows it. this is a president that has a very clear history of lbj in the middle 1960's. but it is ok, lisa and i did not agree on valve eta -- on velv eeta cheese fondue in davo's either. jonathan: brian deese is going to be joining us come of the national economic council director. five minutes away. from new york, this is bloomberg. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. european union leaders have agreed to back a partial ban on russian oil, part of a package of sanctions aimed at honoring russia for invasion -- at punishing russia for invading ukraine. it temporarily allows eu nations to buy russian oil delivered by

pipeline. that exemption is needed to get hungary to sign on. invasion in the euro zone accelerated -- inflation in the eurozone accelerated to an all-time high this month. consumer prices rose point percent from a year ago. food and energy where the big reasons. it will intensify the debate about how to raise interest rates. resident biden says there are limits to what he can do about guns. depressant person visited the texas elementary school where 19 children and two teachers -- the president visited the texas element tree school where 19 children and two teachers were killed. pimco will be one of the biggest players in this week's drama over whether russia's credit default swaps will pay out. defund increased its exposure to more than $1 billion in the run-up to the invasion of ukraine. pimco is part of a panel of dealers and investors that meet today to divide whether the swaps should be triggered. gsk has agreed to buy a vaccine

maker affinivax. it is buying up next generation vaccines while it plans to split with its consumer health unit. last month gsk announced a takeover of sierra oncology. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. ritika gupta. this is bloomberg.

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>> i think the time has passed for a soft landing. we could have done it, but that would have implied the fed moving nine months ago. it should have. it didn't. jonathan: that was mohamed el-erian weighing in on the situation with the federal reserve. chairman powell later this afternoon with the president of the united states, and secretary yellen as well. an important meeting taking place a little later today. tom: the real yield, detain your real yield comes down over the last week, 0.12%.

showing some of the interesting dynamics within the markets. the dynamic of the morning will be the oval office, with the chairman of the federal reserve system and his president, joined by the secretary of treasury, the former chair of the fed, janet yellen. powell, yellen, and biden. brian deese joins us, director of the national economic council. he will be in charge of niceties and pouring tea at the meeting. the single or here is yellen codified the word slack of an america unemployed. that is not the case now. powell's fed is roughly a fully employed america. how will the president listen to these two about jobs in america in this horrific inflation? brian: he will listen to them and underscore his core point, which is he intends to provide the fed with the space it needs to operate. as you know, he has nominated a

quality slate of people, including at the top of that slate chair powell, to lead the federal reserve through this challenging time, and he intends to give them the space to operate, but we are in an environment, unique environment, and we have unique economic strength right now. the job market and the labor market being chief among them. household balance sheets are in a very strong position because over the course of this recovery , americans have been able to save more and pay down debt. we are seeing small business creation up at record levels. we have unique economic strengths with's position us well -- strengths which position us well. the economic choices we make with congress play an important role as well. all of that will be on the table today. jonathan: let's talk about the meeting today and whether it is anything more than a photo op. what is the purpose of today if

it is not just a photo op? what do you discuss? how does it help americans? 65% of adults say their families income is falling behind the cost of living, so a lot of people are looking at this, it feels just like a photo op. for americans struggling right now, they want more than just that you get is it more than that? brian: absolutely. the first is it is standard practice for presidents and chairs of the federal reserve to meet from time to time to share views on the economy. in this case, the president is underscoring something important. the respect for the independence of the fed as an institution is not something we can take for granted. it is not some the entire president -- something prior presidents have done, to rewrite that independence. having the president do so in a public way and underscore that he is committed to making sure that the fed can operate is incredibly important at this moment. it is not just about a photo op. it is about sending that signal

clearly to the public. number three, the american people, those who are feeling anxious, we understand that when people go to the gas pump or to the grocery store they are feeling anxious. they have a president what can up in the morning and focused on how to address that challenge. one of the things he can do in his position is underscore the independence of the federal reserve, so i can for all of those reasons this is an important step in the process. not the only step we are going to remain focused and over the course of the next week and the week after that, we will focus on the steps we can take to help try to address price increases as well. lisa: one thing -- jonathan: one thing under discussion is student debt relief. the white house considering something up to $10,000. for people without a college degree wondering why those with a college degree are getting this help, i will go through the numbers and then ask for your response. the latest research points out four out of 10 americans have a bachelors degree or higher.

among that, as you know, for black american adults, hispanic adults, that number is much lower. you also know there's a growing earnings gap between those that who have a college degree and those who do not. so the question that people are asking if they don't have a college degree right now is who is that to help? who are you doing that for? why are you considering doing that? who is it for other than just energizing the base going into the midterms? brian: first, we should be trying to help everybody who wants to work and get into a job that will give them pay and upward mobility and opportunity to succeed. one of the things we are seeing about having such a strong labor market recovery is we are seeing historic gains not just overall in any recovery in recent history, but also record gains for blacks, record reduction in the unemployment rate. hispanics, the largest reduction in the end limit rate ever. we are seeing that -- the

unemployment rate ever. we are seeing that. it is about workplace training. jonathan: i just want to nail down the point because this is important. as you know, and i will repeat it, those with a college degree seem to be doing much better than those without. as you work out relief for the american people at the moment, why is there focus on $10,000 of student debt relief at a time when those people in america who do not have a college degree are getting squeezed by gas prices, crude at 118 dollars, jp morgan syngas could hit six dollars later this year? you know the people that is heading the most. many of those do not have a college degree. why is this administration focused on doing something which, let's face it, might play well in the midterms, but ultimately isn't going to help those people that need to help the most right now? brian: my point is we are focused on trying to help everybody. to the question of those, and a lot of the steps we are taking are going to help people who have less than a college degree, but when you look at the issue of student debt, there are tens of millions of americans out

there who are in the labor market and may have gotten some education but are held back by the burden of having to pay, in some cases, extraordinarily high debt. so the question there is are there steps we can take, prudent steps we can take to try to help unlock economic opportunities for those families while at the same time doing everything we can to help create a labor market that is creating dynamics like the one we are seeing now where, for the first time in a very long time, people without a college degree, people with some college degree are seeing economic opportunities to move into jobs with higher wages that they haven't and sometime. we are also focused on trying to sustain that and continue that going forward. jonathan: good to catch up, as always. brian deese of the national economic council. tough moment for this white house. for many people, they hope it is more than just a photo op this

afternoon. lisa: it is a very difficult issue because there's so many different features playing into inflation, and there is such a bifurcated nature to the pain being felt by the households that have college degrees and households that have higher incomes and those that do not. how do you parse that out and speak to everyone when everyone is facing a very different reality? jonathan: why the focus on the $10,000? we tried to nail that down. why the focus on student debt relief? tom: to me it is a side story. to me, the major issue is investment, spurring investment spending and spurring trade as the president did when he went to north asia. i just think the investment lift is the only way out of this mess. jonathan: futures down about 0.1% on the s&p, on the nasdaq by about 0.1%. there, the president sitting down with the chairman of the federal reserve. this is bloomberg. ♪

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